The kanton Zug in Switzerland will start accepting BTC and ETH for tax payments, revolutionary!
My God, talk about being revolutionary again. The kanton Zug (see this like a providence) will start accepting Bitcoin and Ethereum as their tax payments (upto 100.000 CHF Swiss Francs) from beginning of year 2021. These guys were always ahead of time with for instance accepting crypto payments in the city hall and at the census offices, but making this statement is really giving a go to acceptance of cryptocurrency
According to news.bitcoin.com this is easily done but no partial payments are to be made:
Companies and private individuals can use BTC or ETH to pay their tax bills of up to CHF 100,000 ($109,900). Partial payments are not accepted. A pilot will take place in the coming weeks to ensure that everything is ready for the upcoming tax season.
Anyone wanting to pay their tax bills with cryptocurrencies may contact the cantonal tax office. They will be provided with the QR code for payment. Zug’s Finance Director Heinz Tännler clarified: “We do not take any risk with this new payment method, as we always receive the amount in Swiss francs, even if payment is made in bitcoin or ether.”
Founded in 2013, Bitcoin Suisse is a regulated Swiss financial intermediary that offers prime brokerage, custody, crypto payments, collateralized loans, staking, and other crypto-financial services for private and institutional clients. The company is currently in the licensing phase for the Swiss and Liechtenstein banking licenses.
On cointelegraph you can find this about it. Bold statements I would say:
Bitcoin Suisse founder Niklas Nikolajsen bullishly told reporters that “there’s almost nothing controversial about trading Bitcoin anymore. It’s completely mainstream.”
See how this is a complete believing in how the future of Bitcoin will go? I find it very interesting. Zug in general is kind of interesting already. While living there you only have to pay 4% income tax (this is different in every kanton in Switzerland, they all have their own rules), but because of this other stuff is more expensive like rent. For a regular appartment you can eaily have to pay upto $3500 a month, and you might even have to share it with somebody else.
But on the other hand, salaries are ridiculously high, and as said tax is low. I used to live in the kanton next door where tax and income are normal. You could see the difference in everything when going to Zug. The variety of cars which are driving around there is a nice exmaple. Ferrari, Maserati, Porsche is the normal stuff in the streets and you will really have trouble finding a simple car there.
Tons of pharma companies as well as cryptocompanies and stockpharmacies are located here, and also a lot of shell companies only owning a mailbox with no psysical building attached. It is all part of the game. Because of all of this this news is just a natural step to me in how kan Zug is dealing with the crypto revolution. It is just the next step in the game.
Posted Using LeoFinance
